Albany, NY -- (SBWIRE) -- 03/18/2021 -- Transparency Market Research (TMR) has published a new report titled, 'Human vaccine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027'. According to the report, the global human vaccine market was valued at US$ 37,807.5 Mn in 2018 and is projected to expand at a CAGR of 8.7% from 2019 to 2027.
Overview
Vaccination is the most effective measure for the prevention and control of a number of human and animal diseases. It has saved lives of millions of children, adults and animals, and provided them a better and healthier life.
Vaccination is an easier and less risky approach as compared to medicines to prevent a number of diseases from occurring in humans as well as animals. According to a study on the economic impact of routine childhood immunization in the U.S., every dollar spent on vaccination saves approximately US$ 5 in direct cost and nearly US$ 11 in additional cost to the society
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Growing Preference for Outsourcing of HPAPI Manufacturing to Drive Market
Earlier, pharmaceutical companies were skeptical in outsourcing manufacture of vaccines, and majority of the manufacturing was confined to captive or in-house. Major factor behind this was risk of patent infringement. However, as pharmaceutical companies started to expand geographical boundaries, they started experiencing shortage of vaccines.
Furthermore, increasing cost of drug development and commercialization added to the financial burden. With developing regulatory and legal framework, outsourcing proved to be the most optimal option for vaccine manufacturing.
Pharmaceutical companies can now focus on core business activities such as drug development and commercialization, while also take advantage of technical expertise at CMOs instead of investing in expensive vaccine manufacturing setup.
Conjugate Vaccines Segment to Dominate Market
Based on vaccine type, the global human vaccine market has been divided into conjugate, recombinant, inactivated, combination, attenuated, and others. The conjugate vaccines segment accounted for majority share of the global human vaccines market in 2018. The segment is projected to expand at an outstanding growth rate during the forecast period.
Prevnar, manufactured by Pfizer, Inc., is a conjugate vaccine. It generated revenue of US$ 6.2 Bn globally in 2015. This factor contributed the majority share of conjugate category in the human vaccine market. However, growing preference and large number of brands are driving the combination vaccines segment.
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Meningococcal Vaccine to be Highly Lucrative Segment
In terms of product, the global human vaccine market has been classified into pneumococcal, influenza, hepatitis, HPV, meningococcal, rotavirus, measles and rubella, typhoid, combination, and others vaccines.
Rapidly increasing infectious diseases among people, large investment by the market players, and a number of premium products commercially available are propelling the global human vaccine market. Rich pipeline for vaccines is also likely to boost market growth post commercialization of the pipeline products. Low prevalence rate of others diseases is expected to lead to slow growth rate during the forecast period.
The ability to elicit greater and long-lasting immunity, facilitation of immunologic memory, and protection to infants are the major factors boosting meningococcal vaccine market growth.
North America to Dominate Global Market
In terms of region, the global human vaccine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global human vaccine market in 2018, followed by Europe.
North America accounted for major share of the global human vaccine market in 2018. This is due to growing demand for vaccination among adults and children, increasing government efforts toward vaccination program, and most of the vaccines available in the U.S.
According to a study on the economic impact of routine childhood immunization in the U.S., every dollar spent on vaccination saves approximately US$ 5 in direct cost and nearly US$ 11 in additional cost to the society.
Competitive Landscape
The global human vaccine market is fragmented in terms of number of players. Key players in the global market include AstraZeneca plc, Bavarian Nordic, Bharat Biotech, CSL Limited, Emergent BioSolutions, Inc., GlaxoSmithKline plc, Johnson & Johnson, Merck & Co, Inc., Mymetics, Novartis AG, Pfizer, Inc., Sanofi S.A., Shenzhen Kangtai Biological Products Co., Ltd., and Takeda Pharmaceutical Company Limited., among others.
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